25% tariff on electric bikes shipped into United States takes hold August 23rd

Merle Christensen

The Chinese government responded and said Beijing will also slap additional import tariffs of 25% on $16 billion worth of United States goods ranging from oil and steel products to autos and medical equipment.

The Chinese Ministry of Commerce announced a 25 percent charge on $16 billion worth of US goods including coal, grease, Vaseline, asphalt and plastic products, and recyclables. In response, China has threatened up to 25 per cent tariffs on US$60 billion in American imports. The additional tariffs will go into effect on August 23.

China is turning the heat up in the trade war by placing $16 billion in tariffs against a variety of American exports, including automobiles and motorcycles, according to NBC News.

"Looking ahead, we expect export growth to cool in the coming months, though this will primarily reflect softer global growth rather than United States tariffs, the direct impact of which will continue to be mostly offset by the renminbi's (yuan's) recent depreciation", Capital Economics' Senior China Economist Julian Evans-Pritchard wrote in a note.

The move is the latest escalation of President Donald Trump's trade war with China.

Imports also rose much faster in July thanks to still solid domestic demand, official data showed on Wednesday, with purchases of commodities like copper and iron ore rising from June.

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Among the products removed from the earlier list on $16 billion of imports were shipping containers, including those used by freight companies.

"My expectation is that U.S. tariffs on $250 billion of imports from China will be in effect about a month prior to the November U.S. elections".

"There is no off-ramp, and Trump has given China little wiggle room to save face and come to the bargaining table", he said.

"We have made the case to the Administration, in the strongest possible terms, that tariffs imposed on semiconductors imported from China will hurt America's chipmakers, not China's, and will do nothing to stop China's problematic and discriminatory trade practices", he said.

There are very few domestic electric bike manufacturers to protect in the US, it was argued, meaning that the "trade war" simply damages a growth industry and one that brings green credentials at a time when they sorely need promotion.

Wednesday's knee-jerk reaction to the announcement of the tariffs was a typical move by traders.

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